Long GBPUSD Anticipating good GBP's Data (Double Trade) for FX:GBPUSD by vietbach1990

Long GBPUSD Anticipating good GBP's Data (Double Trade)

This is related to my Long GBPNZD trade. As mentioned I thought GBPNZD is a bit over-extended but again I want to go with the fundamental Long GBP story anyway. Amongst all the GBP pair, GBPUSD is the one retails are net Short and I hope to bank as their SL gets hit. Fundamentally though I do understand some of their view as also think USD is supposed to get stronger, just that the GBP has more/better news release this week.

I'm actually not in yet and instead put a Limit at 1.3165, SL is below the Pivot and round level of 1.315. TP at 1.32 seems the easiest to achieve but depends on the GBP news reaction.

Note

I was stopped out in a horrifying fashion. I was not at the desk and had zero what was going on as there is nothing on the economic calendar pointing to this NZD's strength but I knew such large swing must have been caused by a fundamental shift in the market.

And as I'm back to the desk and research, this is why:

"The unusual volatility has been giving investors jitters.. The New Zealand dollar, the 11th most traded currency in the world in 2016, jumped to $0.7265 after the poll was released from $0.7224.

The Newshub-Reid poll showed backing for the National Party up 4 points at 47.3 percent and, in a double whammy for Labour, showed the opposition party’s support down 1.6 points at 37.8 percent.

“It’s a huge setback for Labour,” said Bryce Edwards, Wellington-based analyst at Critical Politics. “It really just shows how volatile this election campaign is.”

The National Party has vowed to support free trade as global protectionism rises, in particular, by championing the Trans-Pacific Partnership pact, which Labour has said it would renegotiate."

Well so being ignorant to the current political landscape can prove fatal. Another valuable lesson learnt.

Note

The above was meant for GBPNZD.

I missed my chance to get into this trade despite correctly call for the Long. That's what real trading fundamental in, you do not only need to have the right idea but also need to "act" or "re-act" to it correctly to make money.

vietbach1990

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Long GBPNZD - Anticipating good GBP's Data (Double Trade)

by vietbach1990

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